{"id":16213,"date":"2019-10-01T16:12:25","date_gmt":"2019-10-01T16:12:25","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=16213"},"modified":"2019-10-01T16:12:25","modified_gmt":"2019-10-01T16:12:25","slug":"nigeria-ups-the-ante-against-banks-with-tougher-lending-demands","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigeria-ups-the-ante-against-banks-with-tougher-lending-demands","title":{"rendered":"Nigeria Ups the Ante Against Banks With Tougher Lending Demands"},"content":{"rendered":"

Nigeria\u2019s central bank<\/a> is increasing pressure on lenders to keep providing credit in an effort to boost economic growth in Africa\u2019s biggest oil producer.<\/p>\n

The West African nation\u2019s banking regulator raised the minimum loan-to-deposit ratio to 65% from 60% to \u201csustain the momentum\u201d seen in lending since it first lifted the measure in July, the Abuja-based Central Bank of Nigeria said in a statement dated Sept. 30. Banks have until Dec. 31 to comply with the directive or risk an additional cash-reserve requirement equal to 50% of the lending shortfall implied by the ratio, it said.<\/p>\n

The directive come as some lenders failed to meet an earlier deadline to ramp up lending, Ahmad Abdullahi, director of banking supervision, said on Monday, without elaborating. The steps are among a raft of regulations aimed at forcing banks to boost credit — mainly to farmers, small- and medium-sized businesses and consumers — as President Muhammadu Buhari\u2019s administration seeks to reignite economic growth.<\/p>\n

Nigerian gross credit increased by 5.3% to 16.4 trillion naira ($45.5 billion) by the end of September from May 31, the central bank said.<\/p>\n

Only two out of the nation\u2019s six biggest banks met the requirements as of June 30. The firms had lost some of their appetite to extend credit after bad loans surged in the wake of a crash in crude prices, but are now starting to make headway into consumer lending amid the constant pressure from regulators.<\/p>\n

To contact the reporters on this story: Alonso Soto in Dakar at asoto54@bloomberg.net;Emele Onu in Lagos at eonu1@bloomberg.net<\/p>\n

To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, ;Paul Richardson at pmrichardson@bloomberg.net, Vernon Wessels<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s central bank is increasing pressure on lenders to keep providing credit in an effort to boost economic growth in Africa\u2019s biggest oil producer. The West African nation\u2019s banking regulator raised the minimum loan-to-deposit ratio to 65% from 60% to \u201csustain the momentum\u201d seen in lending since it first lifted the measure in July, the […]<\/p>\n","protected":false},"author":62,"featured_media":6261,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,683,105],"class_list":["post-16213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-currency","tag-economy-of-nigeria"],"yoast_head":"\nNigeria Ups the Ante Against Banks With Tougher Lending Demands - Nigeria<\/title>\n<meta name=\"description\" content=\"Nigeria\u2019s central bank is increasing pressure on lenders to keep providing credit in an effort to boost economic growth in Africa\u2019s biggest oil producer.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigeria-ups-the-ante-against-banks-with-tougher-lending-demands\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria Ups the Ante Against Banks With Tougher Lending Demands\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s central bank is increasing pressure on lenders to keep providing credit in an effort to boost economic growth in Africa\u2019s biggest oil producer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigeria-ups-the-ante-against-banks-with-tougher-lending-demands\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-01T16:12:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2019\/03\/bd9d7932-banks-696x385.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"696\" \/>\n\t<meta property=\"og:image:height\" content=\"385\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"alico\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"alico\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigeria-ups-the-ante-against-banks-with-tougher-lending-demands#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigeria-ups-the-ante-against-banks-with-tougher-lending-demands\"},\"author\":{\"name\":\"alico\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/50afd2ef4f0e900bd0a176404a8484a7\"},\"headline\":\"Nigeria Ups the Ante Against Banks With Tougher Lending Demands\",\"datePublished\":\"2019-10-01T16:12:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigeria-ups-the-ante-against-banks-with-tougher-lending-demands\"},\"wordCount\":289,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigeria-ups-the-ante-against-banks-with-tougher-lending-demands#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2019\/03\/bd9d7932-banks-696x385.jpg\",\"keywords\":[\"CBN\",\"currency\",\"Economy of nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigeria-ups-the-ante-against-banks-with-tougher-lending-demands#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigeria-ups-the-ante-against-banks-with-tougher-lending-demands\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigeria-ups-the-ante-against-banks-with-tougher-lending-demands\",\"name\":\"Nigeria Ups the Ante Against Banks With Tougher Lending Demands - 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